Archive for the ‘Libya’ Category

Parts of Libya in the dark

TRIPOLI, Libya, Jan. 2 (UPI) -- Power shortages that came as a result of fighting in and around the Libyan port city of Ras Lanuf are expected to continue, an electric company said.

Two power plants that combine to produce about 500 megawatts of power are down because of fighting in the region, the General Electric Company of Libya said.

The restive city of Benghazi this week suffered a full-scale power outage because of poor weather conditions and the electric company said much of western Libya can expect power outages to endure.

Power shortages have been chronic since civil war ended in late 2011. Lingering fighting, which has escalated in recent weeks, has pushed the country to the brink of full-scale war, the U.N. Support Mission in Libya warned.

In the oil sector, German energy company Wintershall said it suspended operations in Libya for the foreseeable future because of "intense" fighting in Ras Lanuf and nearby Zuetina.

Oil storage depots at the Es Sider port caught fire during weekend fighting. Oil export facilities in Libya have been closed due to violence since at least mid-December.

The state-run National Oil Corp. confirmed as many as five of the 21 tanks storing oil at the site were in flames, which represents about $100 million worth of crude oil.

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Parts of Libya in the dark

Libya Conflict: Inside Colonel Gaddafi’s Private Jet – Video


Libya Conflict: Inside Colonel Gaddafi #39;s Private Jet
Rebels give tour of Muammar Gaddafi #39;s captured luxury airplane. For more videos visit Sky #39;s Anna Botting is shown round the luxurious plane of Colonel Gaddafi - with its jacuzzi and sumptuous...

By: Marta Maxwell

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Libya Conflict: Inside Colonel Gaddafi's Private Jet - Video

Libya calls for help to fight oil terminal fires caused by rocket attack – Video


Libya calls for help to fight oil terminal fires caused by rocket attack
More than 20 soldiers have been killed in a surprise attack in which fighters used speedboats in a failed bid to seize some of Libya #39;s main oil terminals, ac... Libya is calling for overseas...

By: Rtv News

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Libya calls for help to fight oil terminal fires caused by rocket attack - Video

Libya Containing Es Sider Oil Fire but Export Resumption in Question – Video


Libya Containing Es Sider Oil Fire but Export Resumption in Question
Officials and industry insiders said Libya has made progress containing a fire at its largest oil port that has destroyed four days of the country #39;s oil production but the damage to storage...

By: WochitGeneralNews

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Libya Containing Es Sider Oil Fire but Export Resumption in Question - Video

Oil hits fresh five-year low, looks past Libya

Oil prices got a temporary boost Monday from fresh concerns over Libya's ability to bring oil to market, but prices reversed and U.S. crude futures hit a new five-year low.

The Libyan crisis escalated as the conflict among militias roiled the OPEC-member nation. The strife could create a turning point in the monthslong rout of the oil market that has seen prices plunge as much as 50 percent, Francisco Blanch, head of commodities at Bank of America, told CNBC's "Squawk on the Street" on Monday.

"I do think Libya is a very important supplier. The return of Libya is what started the rout downwards in the first place, so I think if we do see Libya offline for the majority of 2015, it could provide a lot of support to prices here," he said.

But the glut of oil in world markets has been weighing on markets, and OPEC has vowed not to cut production as prices fall. "The market continues to react to the oversupply in crude oil and the reiteration by the Saudis that they're not cutting production," said Andrew Lipow, president of Lipow Oil Associates.

West Texas Intermediate futures for February fell to $53.12 per barrel, breaking through an earlier 2014 low and its lowest price since May 2009.

"We're going to see $50 in the next couple of weeks for WTI," Lipow said. "This could be the first December since 2005 that crude inventories will have risen, when we normally expect a drawdown as oil companies meet their LIFO targets."

Read MoreBottom on oil's plunge unknown: Expert

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Oil hits fresh five-year low, looks past Libya